A company sold equipment that originally cost $280,000 for $140,000 cash. the accumulated depreciation on the equipment was $140,000. the company should recognize a:____.

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Adaydreamaway4646idn Adaydreamaway4646idn

02-08-2022
Business

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A company sold equipment that originally cost $280,000 for $140,000 cash. the accumulated depreciation on the equipment was $140,000. the company should recognize a:____.

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Shivanijain4931idn Shivanijain4931idn · Answer 1 · 2022-08-10T01:06:45-04:00

A company sold equipment that originally cost $280,000 for $140,000 cash. the accumulated depreciation on the equipment was $140,000. the company should recognize a $0 gain or loss.

The term depreciation refers to an accounting technique used to spread the cost of a tangible or physical asset over its useful life. Depreciation indicates how much of an asset's value has been used. It allows companies to generate income from the assets they own by making payments over a period of time.

Depreciation is a method of calculating the depreciation of an asset through use, wear and tear, and obsolescence. The value of most assets declines over time after purchase. Organizations should take this loss of value into account when analyzing performance and calculating costs.

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